How ONESOURCE helped a company save time and money managing vast amounts of data
Anastasia Brady is senior manager of tax for Thryv, a marketing management and software company based in Dallas, Texas. Brady heavily relies on ONESOURCE to manage her company’s complex tax footprint, and regularly uses three modules – Income Tax, Tax Provision, and Checkpoint – to meet her company’s formidable tax obligations.
Brady’s department must complete its provision process and related valuation allowance analysis on a state-by-state basis due to a number of tax technical issues that have to be tracked at the state level. Consequently, her biggest challenge is efficiently and accurately processing an enormous amount of tax data in time to meet quarterly reporting and various tax compliance deadlines.
“Since we’re in 48 states and a handful of local jurisdictions, that’s a large volume of data to work with,” Brady says. “We have a very constrained period of time in which to book our journal entries on a quarterly basis and during our year-end provision, and we have to get through all of it accurately, not just quickly.”
According to Brady, one of the reasons Thryv chose ONESOURCE was because it provides the efficiency and accuracy the company needs without sacrificing quality. “It doesn’t matter how quickly you can get through a process if you don’t do it correctly,” Brady says — and with ONESOURCE she doesn’t have to compromise.
In addition to speed and accuracy, Thryv chose ONESOURCE because it is easy to use and integrates well with other platforms.
“One of the things we really appreciated about ONESOURCE is how intuitive it is,” Brady says. “The ability to bridge between the provision platform and compliance platform is also important to us, because it helps us minimize the duplication of work.”
Saving time and money
Before using ONESOURCE, Thryv outsourced its federal and state income-tax compliance work, and the process took anywhere from five to seven months. ONESOURCE Income Tax allows the company to do all of its income-tax compliance in-house, and much faster. “We can now get through our federal return in two to three weeks,” she says, and state returns only take approximately six weeks.
ONESOURCE’s data analytics capabilities have also saved the company a significant amount of money.
“With ONESOURCE Tax Provision, we are able to quickly and accurately update our estimated tax payment projections,” Brady says, which allows the company to “pay what is required and minimize our tax penalties and interest due to underpayments.”
Accurate and timely
But what Brady likes best about ONESOURCE is how easy it is to customize the functionality to fit the company’s needs. She especially likes the smart chart function in Checkpoint, which allows her to easily track and visualize regulatory changes from state to state.
The speed, accuracy, and flexibility of the ONESOURCE platform will be even more important to Thryv in the future, because in 2020 the company re-listed its shares on NASDAQ. “As a public company, it’s critical for us to have accurate financial statements and that we get them done in a timely manner,” Brady says – and ONESOURCE helps make it possible.